Opinions
Andrew Moffs
American Homes 4 Rent
AMH-N
PAST TOP PICK
Mar 27, 2024
$36.275
Stock price when the opinion was issued
REAL ESTATE
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PAST TOP PICK
(A Top Pick Apr 30/20, Up 40%) It bounced sharply off the bottom. It's one of the biggest U.S. single-family rental operators. The CAP rate is 4.4%, in line with U.S. apartment operators. Single-family operators should be at a lower CAP rate (or higher value). This is a great business with super earnings growth. He sees 10% growth this year. He likes their business model, which builds its own homes and does so with added efficiencies.
REAL ESTATE
TOP PICK
It rents out over 58 000 single family homes across the U.S. It is unique in that it has its own in-house development pipeline. It can add another 15000 homes on lots that they own or have options on. Their homes are similar quality to ones you could buy from a developer. Has attractive internal rent growth as well as external growth. Trades at a 17% discount to its share value and is a very defensive investment.
Buy 12 Hold 10 Sell 0
REAL ESTATE
Great business, fundamentals are so strong. He sold as it reached his NAV. He'd buy again on any pullback. Great opportunity to live the American dream of a single-family home via renting.